I'm guess the plan with bitcoin is to keep block size unchanged and allow fees to go through the roof, to subsidize miners. Meanwhile, users will have cheap and fast transactions on lightning network. Win/Win?
I'm sure someone has done some projections on how viable that economic model is. It would be interesting to see.
I'm sure someone has done some projections on how viable that economic model is. It would be interesting to see.
I have seen many arguments here on BCT as why this fee model does not work and none as why it will work. By the way lightning network is not a solution. Just read the Lightning Network paper https://lightning.network/lightning-network-paper.pdf where they talk about 100 MB + blocks to make LN work. In any case I hate to say I told you so, but I sold all my Bitcoin for Monero over this issue with the bulk of the sales completed well over 3 years ago.
Edit: The reason I found out about Monero in the first place is because I was researching this issue in Bitcoin here on BCT in 2014.
I was reading an old thread you were in where Satoshi had commented that the code for bigger blocks would be easy and he gave a simple If then statement to show how easy.
This is the thread. https://bitcointalk.org/index.php?topic=1347.0;all It is of course the thread that started the blocksize debate in Bitcoin
Yup.
https://bitcointalk.org/index.php?topic=1347.msg15366#msg15366
spreadshiet
Right!
Shit just got home from casino and furnace shutoff, freezing my ass off!
Quote from: ArticMine
In any case I hate to say I told you so, but I sold all my Bitcoin for Monero over this issue with the bulk of the sales completed well over 3 years ago.
I still have some as a hedge, though I was seriously considering dumping them but couldn't pull the trigger back then. I remember when saddam did a similar thing too. So what are your thoughts, will bitcoin get taken over by another coin (monero, bcash?, etc), or the thinking is monero will out preform bitcoin from here on out?
Bcash. Lol